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St Lucia’s Citizenship by Investment Programme Officially Opens for Business

by caribbeantradelaw As of January 1st of this year, St. Lucia’s Citizenship by Investment programme is officially open and taking applications by interested investors. Late last year, Prime Minister, The Hon. Dr. Kenny Anthony formally launched the programme at the Global Citizen Forum held in Monaco. St. Lucia joins St. Kitts & Nevis, Grenada, Antigua…

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by caribbeantradelaw

Kenny Anthony, Prime Minister of St. Lucia
Kenny Anthony, Prime Minister of St. Lucia

As of January 1st of this year, St. Lucia’s Citizenship by Investment programme is officially open and taking applications by interested investors. Late last year, Prime Minister, The Hon. Dr. Kenny Anthony formally launched the programme at the Global Citizen Forum held in Monaco. St. Lucia joins St. Kitts & Nevis, Grenada, Antigua & Barbuda and Dominica to become the fifth Caribbean State to offer a citizenship by investment programme.

A citizenship by investment  programme offers qualifying investors (as well as their spouse and dependents once they meet certain criteria) citizenship in exchange for an investment in a qualifying activity, for instance, investment in real estate, a special fund or government bonds. In a world of dwindling access to financial resources, a growing number of States internationally are currently offering some form of citizenship by investment programme as a way to raise much needed finance, including for development objectives.

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79 responses to “St Lucia’s Citizenship by Investment Programme Officially Opens for Business”

  1. caribbeantradelaw Avatar
    caribbeantradelaw

    @WW&C, thanks for your comments. I agree with you that residency programmes are a safer bet and I personally prefer such a programme for Barbados such as the SERP which we currently have. Economic citizenship/residency programmes are not for every country. Hong Kong, Canada, Belize scrapped their programmes for various reasons, whether because of the volume of applicants vs capacity to process or for national security concerns. However, CbI programmes have had benefits for some countries and it is why an increasing number of countries are considering them. Grenada had scrapped its programme but subsequently reintroduced it as an invitation-only programme.

    St Kitts & Nevis’ programme is largely regarded as one of the more successful examples of such a programme internationally and has been in operation since 1984. It has had its issues as we saw with the Canadian visa revocation issue and St. Kitts has since revamped its programme. However, the CbI programme has had a very positive impact on their economy. So there are benefits.

    Any country looking to implement a programme has to do like what St. Lucia did when it was considering theirs; look at the costs vs benefits and if they decide to go ahead with a programme, design it in such a way that avoids the pitfalls made by other and that it applies best practices. They also have to engage in a system of consistently monitoring and reviewing the programme’s performance.

  2. Colonel Buggy Avatar
    Colonel Buggy

    A fellow on the block said that if and when economic citizenship comes to Barbados, that Bajans should have a similar say as the Romans had given the crowd attending the trial of Christ. For each person trying to pay his /her way into Barbados, the people should have the right to select and kick out one of its citizens, stripped of his/her right to return.

  3. David Avatar
    David

    @Alicia

    Prostitution by any other name is prostitution, doesn’t matter how you cloak it.

  4. caribbeantradelaw Avatar
    caribbeantradelaw

    @David, why do you see it as prostitution? While you’re entitled to your opinion, I beg to differ. How is selling citizenship any different from flags of convenience, selling majority shares in locally owned companies or selling land or state assets to non-nationals? These are all ‘crown jewels’ if you wish that once in the hands of non-nationals are hard, if not impossible, to get back. Yet we do it. If we want foreign investment in order to finance our development, we have to give up something in return. We cannot have it both ways. We need to stop being sentimental and look at the dollars and cents. Other countries don’t have the “hang-ups” we do and look where they are compared to us as we continue to stagnate. The world is changing and many of the old constructs and taboos we are holding on to need to be rethought if we are to progress. As I said, I prefer a residency programme for Barbados for various reasons, including the fact that I personally believe we lack the due diligence capability to run a proper CbI programme given how so many of our institutions are run. But it is within the right of each country to determine what growth path suits them and if they see CbI as such a path, then they are entitled to do so.

  5. Musing Avatar
    Musing

    Why isn’t there a separate thread on Bizzy William’s racist statement? His brother COW made similar racist comments last year before that Bruggadung Johnson the Harris Paint man insulted our black countrymen and women. Throw this citizenship by investment garbage into the dust bin. Its gone on too long. Allan Stanford was a citizen by investment, that says it all.

  6. David Avatar
    David

    Musing aka waiting and I long string of monikers.

    DLP troll extraordinaire.

  7. Well Well & Consequences2 Avatar
    Well Well & Consequences2

    Musing….you cannot always give Cow & Bizzy the attention they seek, they always want to be up front and the centre of everyone’s attention on the island, instead of going and rest their old, fading, tired tired looking tails. It’s enough that they know everyone is on to them, just ignore them and they will fade away, between yesterday and today, they were handed their business, until next time they feel the urge to come up with the ridiculous.

  8. David Avatar
    David

    @Alicia

    Why do we have to follow the other countries? Why cant we decree that Barbadian citizenship is not for sale.

  9. de Ingrunt Word Avatar
    de Ingrunt Word

    @LBJ and Sargeant, agreed that the SS provides security for past Presidents.

    Agreed not for himself and immediate fam but as both of you know the level of security for a past president can in no way compare to the Presidential level.

    Pres Obama WILL require many years of serious security…he would be wise to supplement that of the Sec Service unless they provide a different level than is normal for PPs.

    @Sargeant, your crystal ball is as good as any other so that scenario seems reasonable.

    But I see it a bit differently. Harvard sounds rosy but as the first Black President of the USA his invitations to visit and speak in US and around the world will be curbed only by the threats to his safety and costs for the invitation.

    He embodies first hand the mantra that so many tell their kids: study hard and you can be the President (or PM or CEO). To sit in the ivory tower would be safe but many will want him to lend his weight to issues – particularly Black upliftment- in a more forceful way (non-political, of course…he will have to thread that needle carefully).

    And by the way filthy wealthy he may not be but being a best selling author and former university lecturer isn’t too shabby on the money-making index. Nor does having a wife who was an accomplished corporate executive hurt the bank a/c.

    It would be beyond laughable if they left the White House and, like a previous famous couple, claimed not having much money!

  10. Well Well & Consequences2 Avatar
    Well Well & Consequences2

    De Word….Obama is one of those rare birds, he is not in it for the money, while in the senate, he wrote a book, made millions and paid off his student loans. Upon leaving the white house, he will be in demand for speeches, one speech is in the region of 100-150k. One sppech per month would allow him to live comfortably. Upon leaving the white house, he will be paid for his 8 years of service, writing his memoirs will propel him even further. As you said his wife FLOTUS, is a very highly regarded powerhouse and accomplished corporate attorney and also a Harvard grad. He will do fine. Am sure Harvard is already chopping at the bit to utilize his brain and services, if I remember correctly, he was the head of their debating society, dude is also a powerhouse.

  11. Artaxerxes Avatar
    Artaxerxes

    I must congratulate the AC consortium, because this in the FIRST time they actually presented information to substantiate their comments, rather than the usual generalized statements and political rhetoric.

    However, you must take the following points into consideration.

    “Of course, when one SPEAKS of LAND USE, it must be remembered that Government HAS NO CONTROL over how PRIVATE ENTITIES – the LARGEST LANDOWNERS – DISPENSE their properties.”

    “Also, despite the preference of farmers for private land, the BADMC indicated that many of the private properties on offer were unsuitable for crop production. A delicate balancing act – trying to bring in significant foreign exchange through maximum economic use of land space, while meeting the needs of other areas of the social economy.”

    Surely you must agree that this DLP administration has NOT implemented any new land use policy, thereby continuing with Arthur’s supposed policy. Also the MoT Sealy has been suggesting that Barbados needs more upscale hotels and developments to cater to a more sophisticated type of tourist the tourism ministry is trying to attract.

    The status quo remains the same.

  12. ac Avatar
    ac

    Artaxerxes enjoy the humble pie dear it was my pleasure serving it to you

  13. ac Avatar
    ac

    Citizenship by investment for small islands are short term solutions with inherent long term problems with a cause to question a massive turnover of a countries wealth in a inappropriate manner for secondary citizenship
    Although the program in its purest form of distribution (contains) or stems much need economic instability, The negatives for long term fall out are real and cannot be overlooked as the natives become more aware of callous wealth taking political and financial leverage eliminating the influence or political interest of the native
    It requires a balancing act which most small island govts does not have the vision or wherewithal to undertake

  14. fortyacresandamule Avatar
    fortyacresandamule

    When will we stop these gimmicky economic program. Tax havens , now this.

  15. caribbeantradelaw Avatar
    caribbeantradelaw

    @fortyacresandamule Caribbean countries are not tax havens. They are low tax jurisdictions. International examples would be Switzerland, Luxembourg, Jersey, Guernsey, Monaco and the US states of Montana and Delaware, which people conveniently forget. Additionally, how are Caribbean CbI programmes gimmicky and how is what we do different from what the US, Malta, Spain and other countries which offer similar economic citizenship programmes?

  16. Bush Tea Avatar
    Bush Tea

    “…how is what we do different from what the US, Malta, Spain and other countries…”
    +++++++++++++++++++++++++++
    Who said it was different?
    It is a version of what is claimed to be the world’s oldest profession after all….

  17. Artaxerxes Avatar
    Artaxerxes

    Don’t worry AC, I understand how you feel. The numerous times I served you “humble pie” has played on your conscience because you never had the occasion to reciprocate. Under these circumstances, and in your misguided opinion, you thought this was the opportune moment for you to make amends.

    Score 1 for you to 15,000 for me…. you still have a long way to go to even the score.

  18. Hants Avatar
    Hants

    http://www.ctvnews.ca/canada/trudeau-family-s-caribbean-vacation-splashed-across-the-tabloids-1.2731532

  19. Simple Simon Avatar
    Simple Simon

    Was on an Air Canada Barbados to Toronto flight once with Rene Levesque…but that was back in the day when a security was not a big issue.

  20. Well Well & Consequences2 Avatar
    Well Well & Consequences2

    That is called transparency, when abuse of taxpayer’s money is identified and halted. DBLP governments might want to learn something from that exercise. Taxpayer’s money should never be abused.

    “TMZ reported Saturday that Trudeau stayed at a swank resort. A PMO official did not give any details about the vacation, but said the prime minister would reimburse taxpayers for the cost of his and his family’s travel.

    “As per long-standing government policy because of security, the Prime Minister must use one of the RCAF planes for all his air travel, whether on official or personal business,” press secretary Andree-Lyne Halle said in an email.

    “When travelling for personal reasons, and as was the case with previous prime ministers, Mr. Trudeau and members of his family travelling with him reimburse an economy airfare.”
    Department of National Defence Challenger jets, used for such travel, cost about $10,000 per flying hour to operate.

    Former prime minister Stephen Harper has in the past also paid the economy fare-equivalent costs of personal travel with his family.”

  21. caribbeantradelaw Avatar
    caribbeantradelaw

    @Bush Tea, it is that sentimental mentality that will constantly keep us stagnated.

  22. fortyacresandamule Avatar
    fortyacresandamule

    @caribbeantradelaw . The OECD has labeled a lot of caribbean jurisdictions tax havens. How many Bajans are employed in the offshore financial industry ? How many real activities are taking on the ground in these so-called business ? How much does the government earned in fees or taxes from the thousands of registered holding companies or trust. ? Agressive tax dodging through trasnsfer pricing by Transnational -using PO BOX companies in caribbean jurisdictions is a gimmick .

    Same applies to flags of convenience (ship registry) and passport sale. These programs are not sustainable and is symptomatic of a political leadership bankrupt of ideas.

  23. Bush Tea Avatar
    Bush Tea

    @ caribbeantradelaw January 11, 2016 at 6:25 AM
    it is that sentimental mentality that will constantly keep us stagnated.
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    Surely you err…
    We are currently stagnated …and getting worse. But ‘that sentimental mentality’ has not been the generally accepted position in Barbados for at least 70 years now… indeed, our official national philosophy is DIAMETRICALLY opposite to the bush man’s in this particular regard……

    Perhaps you are saying that, in your considered opinion, we can do no better than to pawn off our various National silvers.. because we are incapable of creatively and competitively producing any ‘normal’ goods and services that can provide us with a living income.

    Any time that one is forced to routinely eat into one’s reserves to cover recurrent expenses you can be assured that homelessness and despair lies down the road….

  24. David Avatar
    David

    @fortyacresandamule

    Where have you been? It has been years seeing your moniker.

  25. fortyacresandamule Avatar
    fortyacresandamule

    @ David. Greetings, I am still here. Not much participation, but I do visit the forum now and again.

  26. David Avatar
    David

    Selling ones passport is a nasty business.

    http://www.dailymail.co.uk/news/article-2567921/The-totally-fraudulent-lives-Montana-couple-created-Dominicas-Winter-Olympic-team-consists-them.html

  27. David Avatar
    David

    AG supports citizenship by investment

  28. Exclaimer Avatar
    Exclaimer

    @ David,

    This story will repulse you. Citizenship for cash is a very bad idea.

    http://www.dailymail.co.uk/news/article-3430558/Female-foreign-student-dragged-car-beaten-stripped-Indian-mob-mistook-vehicle-one-earlier-ran-killed-villager.html

  29. David Avatar
    David

    But Mr Justice Hayden, sitting in the High Court family division in London, ruled his appointment was "an entirely artificial construct" – and marked the second time he had sought to avoid the English divorce courts.

    Saudi billionaire made ‘spurious’ diplomatic immunity bid, judge rules

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